Hong Kong\u00a0\u2014\u00a0\n <\/p>\n
\n If you thought paying $4 for gasoline was bad, spare a thought for this international financial hub which currently has the highest gas prices in the world.\n <\/p>\n
\n As average gas prices across the United States hit a record since 2022, residents of Hong Kong are confronted with the world\u2019s costliest petroleum \u2013 at around US$15.6 per gallon.\n <\/p>\n
\n Even before President Donald Trump launched a war against Iran<\/a> \u2013 and plunged the world into a historic energy crisis \u2013 the semi-autonomous Chinese city had consistently faced the world\u2019s highest gasoline prices, according to data from GlobalPetrolPrices.com<\/a>, an energy price tracking website.\n <\/p>\n \n The conflict involving oil-producing Gulf states, and the effective closure of a critical oil and gas shipping route in the Strait of Hormuz, has sent oil prices surging globally over the past month. This is particularly painful for Hong Kong and other Asian economies, which depend heavily on energy sourced from the Middle East and transported through the strait.\n <\/p>\n \n While private car owners represent only about 8.4% of the city\u2019s 7.5 million people, according to data calculated from Hong Kong\u2019s Transport Department<\/a>, economists said the sky-high gasoline prices could add to inflation and raise logistics costs, which will eventually ripple through other sectors.\n <\/p>\n \n City leader John Lee expressed concern about surging oil prices last month, and pledged to monitor price fluctuations closely. For now, energy supply in the city is secure as Hong Kong sources around 80% of its oil products from mainland China, according to the city\u2019s government.\n <\/p>\n